Successful asset management depends on making good decisions: decisions about where to apply limited resources, about setting priorities for maintenance and reliability, about managing risk and more.

Good asset management decisions should:

• be transparent, consistent and documented.
• be risk-based and supported by solid asset knowledge.
• be in alignment with both organizational and stakeholder objectives.
• connect the long-term strategic view to daily tactical execution.

Here are ten practical tips for making excellent asset management decisions:

1. Understand the aim and objectives of your organization.
2. Secure executive sponsorship for your program.
3. Use the right decision support tools for what you need to accomplish.
4. Make sure a criticality analysis is one of the first steps in your asset management planning.
5. Get the right people involved.
6. Cultivate cross-functional communication and collaboration.
7. Make sure you have complete asset information – include ALL of your assets in your register.
8. Design your asset type codes carefully.
9. Invest in getting your asset hierarchy set up properly.
10. Use risk rankings and criticality data to set priorities.